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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Rights & Issues Investment Trust Plc | LSE:RIII | London | Ordinary Share | GB0007392078 | ORD 25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2,190.00 | 2,200.00 | 2,280.00 | 1,439 | 08:00:07 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | 4.89M | 3.59M | 0.6355 | 34.46 | 123.85M |
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TIDMRIII
HALF YEARLY FINANCIAL REPORT
for the six months ended 30th June 2016
A copy of the Company's Half Yearly Financial Report for the six months ended
30th June 2016 will shortly be available to view and download from
www.rightsandissues.co.uk. Neither the contents of this website nor the
contents of any website accessible from hyperlinks on this website (or any
other website) is incorporated into or forms part of this announcement.
Printed copies of the Report will be sent to shareholders shortly. Additional
copies may be obtained from the Corporate Secretary - Maitland Administration
services Limited, Springfield Lodge, Colchester Road, Chelmsford, Essex CM2
5PW.
INTERIM DIVID
An interim dividend of 10.0p per share has been approved by the Board and is
payable on 30th September 2016 to shareholders on the register as at 2nd
September 2016 (ex-dividend 1st September 2016).
The following text is copied from the Half Yearly Financial Report.
CHAIRMAN'S STATEMENT
The decision of the United Kingdom to leave the European Union on 23rd June
2016 will have fundamental economic consequences which as yet are difficult to
predict. In the short term, there has been a period of extreme market
volatility.
This is not apparent in the performance of the FTSE All-Share Index which shows
a rise of 2.1% for the first six months. However, since the vote to leave there
has been a significant divergence in performance with the leading company
prices rising while the rest of the UK market has fallen.
The net asset value has risen by 2.4% to 1582.3p at the end of the period.
The capital restructuring was successfully completed in June and the interim
dividend is 10p per share in accordance with the previous indication.
The economy is now faced with a period of uncertainty and market volatility is
likely to continue.
Dr D. M. BRAMWELL
Chairman
21st July 2016
Risks and uncertainties
Cautionary statement
This Half Yearly Report contains forward-looking statements that involve risk
and uncertainty. These have been made by the Directors in good faith based on
the information available to them at the time of their approval of this Report.
Due to the inherent uncertainties, including stock market risk factor, actual
results may differ materially from those expressed or implied by these
forward-looking statements.
There are a number of potential risks and uncertainties which could have a
material impact on the Company's performance over the remaining six months of
the financial year and could cause actual results to differ materially from
expected and historical results. The Company's results continue to be exposed
to market price risk. Further information on the principal long-term risks and
uncertainties of the Company is included in the latest Annual Report.
INCOME STATEMENT
for the six months ended 30th June 2016
Six months Six months
ended ended Year ended 31st
30th June 30th June December 2015
2016 2015
Notes Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment income 2 1,561 - 1,561 1,679 - 1,679 3,271 - 3,271
Other operating 2 3 - 3 1 - 1 6 - 6
income
Total income 1,564 - 1,564 1,680 - 1,680 3,277 - 3,277
Gains on fair - 452 452 - 23,470 23,470 - 25,875 25,875
value through
profit or loss
assets
(Losses)/gains on - (45) (45) - - - - 212 212
subsidiary holding
1,564 407 1,971 1,680 23,470 25,150 3,277 26,087 29,364
Expenses
Investment - - - - - - - - -
management fee
Other expenses 296 - 296 359 - 359 682 - 682
296 - 296 359 - 359 682 - 682
Profit before tax 1,268 407 1,675 1,321 23,470 24,791 2,595 26,087 28,682
Tax- - - - - - 29 - 29
Profit for the 1,268 407 1,675 1,321 23,470 24,791 2,624 26,087 28,711
period
Earnings per share
Return per Income
Share 14.1p 4.5p 18.6p 24.2p 238.5p 262.7p 47.3p 265.1p 312.4p
Return per Capital
Share n/a n/a n/a 44.2p 1073.3p 1117.5p 89.0p 1193.0p 1282.0p
The total column of this statement represents the Income Statement, prepared in
accordance with International Financial Reporting Standards. The supplementary
revenue return and capital return columns are both prepared under guidance
published by the Association of Investment Companies. All items in the above
statement are those of the single entity and derive from continuing operations.
An interim dividend of 10.0p (2015: 10.5p) per share and amounting to GBP902,000
(2015: GBP258,300) is payable on 30th September 2016 to shareholders on the
register as at 2nd September 2016 (ex-dividend 1st September 2016).
The financial information contained in this Half Yearly Financial Report does
not constitute statutory accounts as defined in Sections 434 - 436 of the
Companies Act 2006. The information for the six months to 30th June 2016 and
30th June 2015 has not been audited.
The information for the year ended 31st December 2015 has been extracted from
the latest published audited accounts which have been filed with the Registrar
of Companies. The report of the auditors on those accounts contained no
qualification or statement under Section 498 (2) or (4) of the Companies Act
2006.
The auditors have reviewed the financial information for the six months ended
30th June 2016 pursuant to the Auditing Practices Board guidance on Review of
Interim Financial Information and their report is on page 12.
BALANCE SHEET
as at 30th June 2016
Non-current assets 30th June 30th June 31st
2016 2015 December
GBP'000 GBP'000 2015
GBP'000
Investments at fair value through profit 125,347 130,795 123,256
or loss
125,347 130,795 123,256
Current assets
Other receivables 742 735 412
Current tax receivable 29 39 29
Amounts due from Group undertakings 140 831 140
Cash and cash equivalents 16,509 8,076 18,909
17,420 9,681 19,490
Total assets 142,767 140,476 142,746
Current liabilities
Other payables 41 752 77
41 752 77
Total assets less current liabilities 142,726 139,724 142,669
Net assets 142,726 139,724 142,669
Equity
Called up share capital 2,255 1,025 1,025
Share premium - 225 225
Retained reserves:
Capital reserve 62,665 55,901 63,709
Revaluation reserve 75,290 80,074 74,883
Revenue reserve* 2,516 2,499 2,827
Total equity 142,726 139,724 142,669
* Previously called the Dividend
equalisation reserve.
Net asset value per share
Income shares 1,582.3p 1,505.6p 1,544.8p
Capital shares n/a 6,261.4p 6,382.2p
STATEMENT OF CHANGES IN EQUITY
for the six months ended 30th June 2016
Share Dividend
Share premium Capital Revaluation Equalization
capital Account Reserve Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
For the six
months ended
June 2015
Balance at 1,025 225 51,973 60,532 2,539 116,294
31st
December
2014
Profit for - - 3,928 19,542 1,321 24,791
the period
Total 1,025 225 55,901 80,074 3,860 141,085
recognised
income and
expense
Dividends - - - - (1,361) (1,361)
(Note 3)
Balance at 1,025 225 55,901 80,074 2,499 139,724
30th June
2015
For the year
ended
December
2015
Balance at 1,025 225 51,973 60,532 2,539 116,294
31st
December
2014
Profit for - - 11,736 14,351 2,624 28,711
the period
Total 1,025 225 63,709 74,883 5,163 145,005
recognised
income and
expense
Dividends - - - - (2,336) (2,336)
(Note 3)
Balance at 1,025 225 63,709 74,883 2,827 142,669
31 December
2015
For the six
months ended
June 2016
Balance at 1,025 225 63,709 74,883 2,827 142,669
31st
December
2015
Profit for - - - 407 1,268 1,675
the period
Total 1,025 225 63,709 75,290 4,095 144,344
recognised
income and
expense
Bonus issue 1,230 (225) (1,005) - - -
of income
shares
Cost of - - (39) - - (39)
bonus issue
Dividends - - - - (1,579) (1,579)
(Note 3)
Balance at 2,255 - 62,665 75,290 2,516 142,726
30th June
2016
* Previously called the Dividend equalisation reserve.
CASH FLOW STATEMENTS
for the six months ended 30th June 2016
Cashflows from operating activities 30 June 30 June 31
2016 2015 December
GBP'000 GBP'000 2015
GBP'000
Profit before tax 1,675 24,791 28,682
Adjustments for:
Gains on investments (452) (23,470) (25,875)
Losses/(gains) on revaluation of subsidiary 45 - (212)
Purchases of investments (1,684) (1,733) (1,733)
Proceeds on disposal of investments - 6,147 16,283
Operating cash flows before movements in (416) 5,735 17,145
working capital
(Increase)/decrease in receivables (330) (428) 586
(Decrease)/increase in payables (36) 11 40
Net cash from operating activities before (782) 5,318 17,771
income taxes
Income taxes received - - 39
Net cash (used in) from operating activities (782) 5,318 17,810
Cashflows from financing activities
Expenses from capital restructure (39) - -
Disposal of subsidiary - - 20
Dividends paid (1,579) (657) (2,336)
Net cash used in financing activities (1,618) (657) (2,316)
Net (decrease)/increase in cash and cash (2,400) 4,661 15,494
equivalents
Cash and cash equivalents at beginning of year 18,909 3,415 3,415
Cash and cash equivalents at end of period 16,509 8,076 18,909
NOTES TO THE HALF YEARLY FINANCIAL REPORT
for the six months ended 30th June 2016
1. Accounting Standards
The condensed interim financial report has been prepared in accordance with
International Financial Reporting Standards (IFRSs), including IAS 34 "Interim
financial reporting" as adopted by the European Union. The same accounting
policies and methods of computation are followed in the interim financial
report as those used in the Company's latest published annual financial
statements.
2. Income
30 June 30 June 31
December
2016 2015 2015
GBP'000 GBP'000 GBP'000
Total income comprises:
Dividends 1,561 1,679 3,271
Interest 3 1 2
Other income - - 4
Total income 1,564 1,680 3,277
3. Dividends
Amounts recognised as distributions to equity 31
holders in the year: 30 June 30 June December
Income (Paid) 2016 2015 2015
Interim dividend for the year ended 31 December 2015 GBP'000 GBP'000 GBP'000
of 10.5p per share - - 258
Final dividend for the year ended 31 December 2015 627 627 627
of 25.5p per share (year ended 31 December 2014:
25.5p)
Special dividend for the year ended 31 December 2016 553 - -
of 22.5p per share (year ended 31 December 2015: nil
p)
Capital (Paid)
Supp cap dividend for the year ended 31 December - 704 1,421
2015 of 86.6585p per share
Final dividend for the year ended 31 December 2015 30 30 30
of 1.8p per share (year ended 31 December 2014:
1.8p)
Special dividend for the year ended 31 December 2016 369 - -
of 22.5p per share (year ended 31 December 2015: nil
p)
1,579 1,361 2,336
30 June
2016
GBP'000
Income 902
Proposed interim dividend of 10.0p per share
902
This proposed interim dividend was approved by the Board on 21st July 2016 and
has not been included as a liability at 30th June 2016.
4. Valuation of financial instruments
IFRS 13 requires the Company to classify fair value measurements using a fair
value hierarchy that reflects the significance of inputs used in making the
measurements. The valuation techniques used by the Company are explained in the
accounting policies note 1 Investments, as set out in the Company's Annual
Report and Financial Statements for the year ended 31st December 2015.
The fair value hierarchy has the following levels:
Level 1 - Unadjusted prices quoted in active markets for identical assets and
liabilities.
Level 2 - Having inputs other than quoted prices included within Level 1 that
are observable for the asset or
liability, either directly (ie as prices) or indirectly (ie derived from
prices).
Level 3 - Having inputs for the asset or liability that are not based on
observable data.
30 June 2016 Level 1 Level 2 Level 3 Total
GBP000 GBP000 GBP000 GBP000
Financial assets at fair value through profit
or loss
UK Equity Listed 92,239 - - 92,239
AIM trades stocks 32,530 - - 32,530
Investment in subsidiary - - 578 578
Net fair value 124,769 - 578 125,347
30 June 2015 Level 1 Level 2 Level 3 Total
GBP000 GBP000 GBP000 GBP000
Financial assets at fair value through profit
or loss
UK Equity Listed 97,870 - - 97,870
AIM trades stocks 32,494 - - 32,494
Investment in subsidiary - - 431 431
Net fair value 130,364 - 431 130,795
31 December 2015 Level 1 Level 2 Level 3 Total
GBP000 GBP000 GBP000 GBP000
Financial assets at fair value through profit
or loss
UK Equity Listed 92,853 - - 92,853
AIM trades stocks 29,780 - - 29,780
Investment in subsidiary - - 623 623
Net fair value 122,633 - 623 123,256
There were no transfers between Level 1 and Level 2 during the period.
A reconciliation of fair value measurements in Level 3 is set out in the
following table.
30 June 30 June 31
2016 2015 December
GBP'000 GBP'000 2015
GBP'000
Opening Balance 623 431 431
Purchases - - -
Sales - - (20)
Total gains or losses included in gains on investments in
the Income Statement:
- on assets sold - - -
- on assets held at period end (45) - 212
Closing Balance 578 431 623
The Level 3 investments relate to the Company's subsidiary, Discretionary Unit
Fund Managers Limited which has been valued based of the most recent estimated
NAV.
5. Related Party Transactions
Under IFRS, the Directors have been identified as related parties. Their fees
and interests for the year ended 31st December 2015 have been disclosed in the
Director's Annual Remuneration Report within the 2015 Annual Report and
Financial Statements.
During the period the Company had the following transactions with Discretionary
Unit Fund Managers Limited, its subsidiary undertaking:
30 June 30 June 31
2016 2015 December
GBP'000 GBP'000 2015
GBP'000
Dividends received - 113 121
- 113 121
Amounts owed by subsidiary undertaking 140 475 140
6. Going Concern
The Company's assets comprise mainly realisable equity securities and cash and
the value of its assets is greater than its liabilities. Additionally, after
reviewing the Company's budget including the current financial resources and
projected expenses for the next twelve months and its medium-term plans, the
Directors believe that the Company's resources are adequate for continuing in
business for the foreseeable future. Accordingly it is appropriate to continue
to prepare accounts on a going concern basis.
DIRECTORS' STATEMENT OF RESPONSIBILITY FOR THE HALF YEARLY FINANCIAL REPORT
The Directors are responsible for preparing the Half Yearly financial report in
accordance with applicable law and regulations.
The Directors confirm that to the best of their knowledge:
- the condensed set of financial statements has been prepared in accordance
with IAS 34 "Interim financial reporting"; and
- the Half Yearly management report includes a fair review of the
information required by DTR 4.2.7R and 4.2.8R.
This report was approved on 21st July 2016.
Dr D. M. BRAMWELL
Chairman
TOP TEN HOLDINGS
Investment Holding Value GBP
Scapa 8,000,000 20,680,000
RPC 1,800,000 14,076,000
Hill & Smith 1,434,230 12,714,449
VP 1,800,000 11,340,000
Treatt 5,775,000 9,240,000
Colefax 2,050,000 9,225,000
Macfarlane 16,325,851 8,897,589
British Polythene 764,325 7,092,936
Industries
Spirax-Sarco Engineering 120,714 4,514,704
Menzies (John) 650,000 3,545,750
The actual holdings as at 30th June 2016 are, in each case, of ordinary shares
and of the nominal value for which listing has been granted.
INDEPENDENT REVIEW REPORT TO RIGHTS AND ISSUES INVESTMENT TRUST PLC
INTRODUCTION
We have been engaged by the Company to review the financial statements in the
Half Yearly Financial Report for the six months ended 30th June 2016 which
comprises the Income Statement, the Balance Sheet, the Statement of Changes in
Equity, the Cash Flow Statement and the related explanatory notes 1 to 6. We
have read the other information contained in the Half Yearly Report and
considered whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of financial
statements.
The report is made solely to the Company in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 issued by the Auditing
Practices Board. Our work has been undertaken so that we might state to the
Company those matters we are required to state to them in an independent review
report and for no other purpose. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than the Company, for our
review work, for this report, or for the conclusions we have formed.
DIRECTORS' RESPONSIBILITIES
The Half Yearly Financial Report is the responsibility of, and has been
approved by, the Directors. The Directors are responsible for preparing the
Half Yearly Financial Report in accordance with the Disclosure and Transparency
Rules of the United Kingdom's Financial Conduct Authority.
As disclosed in note 1, the Annual Financial Statements of the group are
prepared in accordance with IFRSs as adopted by the European Union. The
financial statements included in this Half Yearly Financial Report have been
prepared in accordance with International Accounting Standard 34 "Interim
Financial Reporting" as adopted by the European Union.
OUR RESPONSIBILITY
Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the Half Yearly Financial Report based on our
review.
SCOPE OF REVIEW
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim information
consists of making enquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than in an audit conducted in accordance
with International Standards on Auditing (UK and Ireland) and consequently does
not enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly we do not express an
audit opinion.
CONCLUSION
Based on our review, nothing has come to our attention that causes us to
believe that the financial statements in the Half Yearly Financial Report for
the six months ended 30th June 2016 are not prepared, in all material respects,
in accordance with International Accounting Standard 34 as adopted by the
European Union and the Disclosure and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
COLIN WAIN
For and on behalf of Begbies
Chartered Accountants
9 Bonhill Street
London EC2A 4DJ
21st July 2016
END
END
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